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PriceSpy data reveals the best and worst shopping times this year

PriceSpy data shows the best and worst shopping times for the whole year. Photo / Andrew Warner

Price comparison group PriceSpy today released data comparing the best and worst times for buying consumer goods over the past year.

The study compared products in 30 retail categories excluding groceries and beverages and found that the most expensive month of the year to shop in 2022 was June, with prices $54, or 7 percent above the average price for the rest of the year lay.

PriceSpy found November to be the cheapest retail month, with an average cost of $57 (7 percent) below the average annual consumer goods price.

The price comparison group said data shows this month is the best time to buy gaming consoles (from $657 to $561 per year), LEGO (from $266 to $243) and DSLR cameras (from $2810 to $2705). ) to buy.

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The worst items to buy this month are portable speakers, home security cameras, and baby carriages, strollers, and buggies, which saw the biggest price increases, up 52 percent from an average of $195.

PriceSpy attributes some of the fluctuating costs to shifts in supply and demand throughout the year, while other factors like November’s low prices are due to increased pre-Christmas sales, including Black Friday.

“Some of the price increases we are seeing throughout the year could be supply and demand driven. For example, when consumer demand for certain goods is naturally higher, such as grilled food in the summer, they can expect retailers to sell those goods at higher prices.”

Chris Wilkinson, Managing Director of First Retail, said: “It is understandable that seasonal inventory will be at its best value as seasonal demand eases and retailers look to clear inventory to avoid warehousing and warehousing costs.”

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The next month should bring rebates on laptop bags, fridge/freezers and vacuum cleaners, where savings are $17 (40%), $105 (5%) and $45 (7%), respectively, during Kiwis should avoid buying grills, sunglasses and handbags.

Electric scooters have seen the sharpest price drop, falling 20 percent in December, $131 less than their median price.

LEGO may be available at the cheapest price this month.  Photo / John Stone
LEGO may be available at the cheapest price this month. Photo / John Stone

PriceSpy found that September is the best time to buy washing machines, when prices are down 4 percent, while March is the worst month, when prices are up 6 percent on an annual basis.

September and October are the best time to buy essential tech stuff like laptops and tablets. Tablets fall 9 percent in price while laptops fall 7 percent. The worst times to buy these items are May and June, when laptops see a 5 percent price increase, while tablets are up 4 percent.

They also found that cell phone prices rose to an average of $1,047 in October and fell to $976 in July, giving consumers a savings of just $71 over the year.

The biggest price shift is for sewing machines, which are 63 percent ($215) cheaper in November.

First Retail’s Chris Wilkinson said of the data, “It’s great insight and timely insight.”

“Any opportunity to help people relieve financial pressure is really useful right now,” Wilkinson said.

He said many New Zealanders will look to save on durable goods, especially as durable goods spending fell the most in last week’s Stats NZ electronic spending data.

Chris Wilkinson, Managing Director of First Retail Group.  Photo / Mark Mitchell
Chris Wilkinson, Managing Director of First Retail Group. Photo / Mark Mitchell

“This creates useful awareness for consumers, and I think right now there’s a growing awareness of values ​​among consumers across the country and across all demographics,” Wilkinson said.

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Brooke Fiafia of Auckland Action Against Poverty said that while data can help help households with spending power, it can shift the burden onto households that are already struggling financially.

“When Covid hit, we realized that even if we have a living income in our communities, businesses, corporations and landlords can still raise prices, which is what we are seeing at the moment,” Fiafia said.

“We have always been committed to a liveable income for everyone, for people in low-wage work, students, young people, young parents, pensioners.”

Wilkinson said: “We are witnessing unprecedented times for many in this generation and people are doubling their worth. They go shopping on purpose. People want to save money where they can. Delaying purchases when possible due to financial pressures.”

PriceSpy data showed the impact of regularly monitoring prices throughout the year and buying off-season, noting that the average cost of grills was lowest in May ($542), while the same product averaged in February 2022 Was sold for $936.

PriceSpy said, “If you put off buying a new grill until May, you can save a whopping $258 (48 percent) compared to the average annual price.”

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“Barbecues are bulky goods and storing them costs a lot of money for retailers. They want them outside for the next seasonal line to come in, which are usually heaters.”

Matinvesi-Basset said the data should help consumers plan their spending amid rising inflationary pressures.

“Some purchases are a luxury, others are a necessity. Regardless of purchase motivation, our new research aims to help people buy the right product at the right time, so they can plan their spending accordingly and use the potential savings to do more important things,” said Matinvesi-Basset.

“Knowledge is power and knowing the best time to buy means people can keep cashing out their money.”

Public interest journalism funded by NZ On Air

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